Enterprise Credit Score Models and Credit Reports Initiative Partner Playbook

This guide outlines the Enterprise Credit Score Models and Credit Reports Initiative, a multi-year effort aimed at updating credit reporting requirements and replacing the existing credit score model for mortgage eligibility. It details how industry partners can prepare for and adopt these changes, including implementation milestones and benefits of the new credit score models, VantageScore 4.0 and FICO Score 10T. The initiative is designed to enhance access to credit and improve credit risk assessments by incorporating trended data and new payment histories. The Playbook includes updates on the initiative's progress, such as the ability for lenders to use the new credit models and the publication of historical credit score data. Additionally, it provides a roadmap for stakeholders to ensure compliance and operational readiness during the transition. The document also addresses frequently asked questions regarding the initiative's objectives and the implications for lenders and borrowers.